Well, would you look at that? You finally did it. You made a budget and stuck to it. Not only did you stick to it, but now you’ve found yourself under budget this month, too! That means there’s some extra cash in your bank account. You could hang on to that additional green through a savings account, or you can keep reading to explore 6 meaningful ways to utilize extra money when you’re under budget.
Indulge Yourself
Let’s face it, you’ve been good when it comes to your money. That’s why it’s okay to indulge a bit here and there. We’re not talking about buying every item next to the cashier on your way out of the store. Since you planned ahead, you can now afford to do something nice for yourself.
Looking for suggestions? Here are a few fun things to try in Rolla:
- Find local businesses like Key Sport to shop and browse.
- Explore vacation ideas with Trips and More Travel Agency.
- Stop by Ozark Actors Theatre for a live performance.
Plan a Trip
Have you ever wondered what it’s like to go mountain climbing in the Rocky Mountains or eat pizza in Italy? Maybe you’d rather stick closer to home and set aside a weekend to go exploring in your own backyard. Whichever trip you’d like to experience one day, it’s all possible thanks to your budget. Imagine if you stay $50 under budget each month; after one year, that’s $600 toward your next vacation. You could be sitting beachside in Miami before you know it.
Give Back to Your Community
When it comes to giving back to your community, there are multiple ways to make your dollar count. Nonprofits such as local area food banks could benefit from your ability to purchase goods and donate them. Animal shelters, places of worship, and many other service-providing locations will greatly appreciate anything you can spare.
Pay Off Extra Debt
If you have a sound budget, then you’ve probably already included your monthly payments toward debt. Now that you have a little extra change, why not put your additional income there? Paying these off early could be a nice benefit for your future self. Think of how much more money you’ll have in your pocket when you’re no longer making those payments!
Start an Emergency Fund
Why start an emergency fund? Those who have debt already know the pressure of applying for loans. Set aside whatever money you can in order to prepare for the next big expense you don’t see coming. It could be anything from your car breaking down to you having a cavity filled. You’ll thank yourself later.
Invest in Stocks and Mutual Funds
There’s a way for that leftover cash to grow and it starts with investing. Stocks and mutual funds have potential for long-term growth while other forms of investing – like day trading – can make you money daily. There are pros and cons to each, so do your research before jumping into it.
Whether you decide to invest in yourself or others, you’ll get to enjoy the benefits that come with your actions. If you do choose to stash your extra money in a savings account, set one up with our friendly team at Central Federal. Give us a call at (573) 364-1024 or stop by our location at 210 West 10th Street to talk with us today!
